GBP/USD Turns Red While USD/CAD Aims Higher

FXOpen

GBP/USD is trading in a bearish zone below the 1.1480 and 1.1440 support levels. USD/CAD is surging and could continue to rise above the 1.3300 resistance zone.

Important Takeaways for GBP/USD and USD/CAD

· The British Pound started a major decline below the 1.1550 support zone.

· There is a key bearish trend line forming with resistance near 1.1415 on the hourly chart of GBP/USD.

· USD/CAD started a fresh increase above the 1.3200 resistance zone.

· There is a connecting bullish trend line forming with support near 1.3220 on the hourly chart.

GBP/USD Technical Analysis

After a strong rejection near 1.1740, the British Pound started a fresh decline against the US Dollar. GBP/USD declined heavily below the 1.1550 support zone.

There was a move below the 1.1500 support zone and the 50 hourly simple moving average. The pair even traded below the 1.1480 support zone and formed a low near 1.1350 on FXOpen. It is now consolidating losses above the 1.1350 level.

GBP/USD Hourly Chart

An immediate resistance is near the 1.1415 level. There is also a key bearish trend line forming with resistance near 1.1415 on the hourly chart of GBP/USD. The next resistance is near the 1.1440 level or the 38.2% Fib retracement level of the downward move from the 1.1589 swing high to 1.1350 low.

The main resistance is near the 1.1480 level. It is near the 50% Fib retracement level of the downward move from the 1.1589 swing high to 1.1350 low.

If there is an upside break above the 1.1480 zone, the pair could rise towards 1.1550. The next key resistance could be 1.1580, above which the pair could gain strength.

On the downside, an initial support is near the 1.1380 area. The first major support is near the 1.1350 level. If there is a break below 1.1350, the pair could extend its decline. The next key support is near the 1.1300 level. Any more losses might call for a test of the 1.1240 support.

USD/CAD Technical Analysis

The US Dollar started a fresh increase above the 1.3120 resistance zone against the Canadian Dollar. USD/CAD gained pace for a move above the 1.3200 resistance zone.

The pair even climbed above the 1.3250 level and the 50 hourly simple moving average. It traded as high as 1.3302 and is currently consolidating gains. An immediate support is near the 1.3240 level. It is near the 38.2% Fib retracement level of the upward move from the 1.3138 swing low to 1.3302 high.

USD/CAD Hourly Chart

The first major support is near the 1.3220 level. There is also a connecting bullish trend line forming with support near 1.3220 on the hourly chart.

The trend line is near the 50% Fib retracement level of the upward move from the 1.3138 swing low to 1.3302 high. Any more losses may possibly open the doors for a drop towards the 1.3150 support zone in the near term.

On the upside, the pair is facing resistance near 1.3300. The next major resistance is near the 1.3320 level. A clear break above the 1.3320 level could open the doors for more gains.

The next major resistance is near the 1.3380 level, above which USD/CAD could rise steadily towards the main 1.3450 resistance zone.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Commodities

Analysis of XAU/USD: Gold Price Rises by 5% in a Week

As shown in the XAU/USD chart, last Thursday, the price of gold dropped below $2,540. Today, however, the precious metal has surged above $2,660 per ounce.

The more than 5% weekly increase was driven by a new

Shares

Nvidia (NVDA) Stock Drops Following Earnings Report

On 13 November, we analysed Nvidia’s (NVDA) price chart and noted:
→ The continuation of a long-term upward channel (highlighted in blue).
→ A consolidation below the psychological $150 level, forming a narrowing triangle along the Quater Line, which divides the

Analytical AVAX Price Forecasts for 2024, 2025-2030, and Beyond
Trader’s Tools

Analytical AVAX Price Forecasts for 2024, 2025-2030, and Beyond


Avalanche (AVAX) has emerged as a strong layer-1 blockchain with unique capabilities in scalability, speed, and DeFi applications. This article explores AVAX’s potential price movements from 2024 through 2030 and beyond, providing a detailed outlook based on market developments,

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.